CMHC says Canadians debt levels hit record highs at end of last year

CMHC says debt levels are increasing for older consumers

Canada Mortgage and Housing Corp. says household debt reached a record high at the end of last year while mortgage activity slowed compared to a year earlier.

The federal housing agency says the debt to income ratio of Canadians hit a record high of 178.5 per cent in the fourth quarter last year as mortgage holders continued to take on non-mortgage debt.

CMHC says debt levels rose as average balances for credit cards and lines of credit grew at a faster pace than in 2017, especially in Vancouver, Edmonton and Toronto.

VIDEO: Education, enforcement aimed at B.C. landlord, tenant infractions

It says debt levels rose even as average home prices fell after interest rates rose slightly, economic growth slowed and new mortgage regulations came into place.

For new loans, the average value was 3.8 per cent lower than a year ago, while the average value of all mortgages rose 3.1 per cent to $209,570 in the quarter.

CMHC says debt levels are increasing for older consumers, as the share of mortgage holders aged 55 and older continued to grow.

READ MORE: CMHC says overall housing market no longer highly vulnerable after prices ease

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

City of Penticton weighs need for a manager of social development

Members of council are divided on whether the position is necessary

South Okanagan Similkameen Medical Foundation close to attaining $20M fundraising goal

The medical foundation is $75,000 short of its goal to expand the Penticton Regional Hospital

Souperbowl Sunday is back for fifth year this weekend

Organizers say they are looking for a fourth chef to compete in round 2 on Oct. 27

100 Homes Penticton gets a new name after year of success

The campaign, run by the United Way South Okanagan, housed an additional 130 people in 2019

Penticton council urged to consider finding student housing options

Students with the Okanagan College Penticton campus presented at the regular meeting on Oct. 15

Election 2019: Tara Howse – Green Party candidate for South Okanagan–West Kootenay

Tara Howse is running for the Green Party in the South Okanagan–West Kootenay riding

A year after pot legalization in Canada, it’s a slow roll

It’s one year into Canada’s experiment in legal marijuana, and hundreds of legal pot shops have opened

ELECTION 2019: Climate strikes push environment to top of mind for federal leaders

Black Press Media presents a three-part series on three big election issues

ICBC willing to loosen grip on driver claim data, David Eby says

Private insurers say claims record monopoly keeps them out

Sad time for City of Salmon Arm gardeners as more than 300 hanging baskets come down

Municipal crews busy preparing for change of season as flowers die off

B.C. principal suspended for failing to help student who reported inappropriate touching

Principal didn’t remove student from the teacher’s class nor call the parents within a reasonable time

Illegal buoys to be removed from Shuswap, Mara lakes

Transport Canada enforcement action to occur Oct. 21 to 25

Port Moody mayor goes back on unpaid leave during sex assault investigation

Rob Vagramov said he intends to return as mayor in three or four weeks

UBC issues statement after instructor tells students to vote for Liberal Party

University says partisan messaging was not intentional

Most Read